, low-income students are found to increase their earnings by 26% ten years later. However, admission has a small and … insignificant effect on high-income students. The difference between income groups is not explained by educational attainment …, program choice, or selection into better-paying jobs. The evidence suggests that most low-income applicants, if not admitted …

estimates, while causal, may also reflect peer effects due to differences in peer quality of non-randomized students. We exploit … universal random assignment of students to high schools in certain areas of South Korea to provide estimates of school effects …